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Mar 22, 2013
03/13
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the government up front saying we're going to take your money. we're doing it secretly, and i think the honest approach is better. shibani: they make parallels in cypress, and what you mentioned happens here in the u.s., but the levy on bank deposits, this is what is causing a storm, and it's really getting people upset. are you concerned about any kind of precedence this could bring into the industry into europe and what it could do to banking confidence as a whole because when you start to have runs on banks and runs into atms as we see vis walls of and people concerned about whether or not they get their money, that creates panic. >> yeah, i think, you know, it could be a wakeup call. i own an offshore bank in the caribbean, and our business, since the cypress event, is up about 150%, so a lot of people are looking for safer places to park money because people are starting to think about whether deposit insurance is not all that it's marketed to be. the fdia insures 8 trillion in deposits, but 25 billion in reserves. my bank in the caribbean i
the government up front saying we're going to take your money. we're doing it secretly, and i think the honest approach is better. shibani: they make parallels in cypress, and what you mentioned happens here in the u.s., but the levy on bank deposits, this is what is causing a storm, and it's really getting people upset. are you concerned about any kind of precedence this could bring into the industry into europe and what it could do to banking confidence as a whole because when you start to...
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Mar 26, 2013
03/13
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think it will be before governments start sniffing around your bank account. frankly, i believe it's not long. think this country, when first federal income tax was just to blender efforts of world war i but it stuck around. or europe. expanded. what started out as a 4% tax for millionaires is now north of 20%, and en snaring, well, everyone. that is what concerns me about this cyprus tax. what the poor saps will discover when the banks reopen in cyprus, run. can't take their money and the government is watching and limiting, and i am kind of worrying. what is going on in this island nation, is a tsunami. bank on it. literally. to rich edison, in cyprus to this nervous night before, hey, rich. >> good evening neil, you have to imagine, folks without access to their banks account will have some tomorrow 8:30 in the morning. for more than a week these folks had closed banks today there was a bit of a lull, in fact that banks were closed not because of a bank panic but a regular holiday, greek independence day. but there are thoughts to last week with long lines
think it will be before governments start sniffing around your bank account. frankly, i believe it's not long. think this country, when first federal income tax was just to blender efforts of world war i but it stuck around. or europe. expanded. what started out as a 4% tax for millionaires is now north of 20%, and en snaring, well, everyone. that is what concerns me about this cyprus tax. what the poor saps will discover when the banks reopen in cyprus, run. can't take their money and the...
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Mar 19, 2013
03/13
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. >> you know every liberal's dream that government seizing your money out right, there is nothing you can do about it. now no cyprus they could find out the hard way, this tiny island nation sent a tsunami shockwave to the rest of the world, keeping the banks closed until they find a more palatable way to. welcome i am neil cavuto, you got 10 grand in a bank account. how about waking up tomorrow morning and then finding a thousand bucks missing, right off the top, does that sound over the top? in cyprus that is reason that thousands of bank customers are blowing their talk, with talk of a 10% tax on deposit the money, has a lot of angry customers storming the atm machines but the government has closed banks to avid a bank run, and keeping them close until they sort this out, but the tax is till coming. for cyprus it is about the cost of staying in the euro club, never mind how average i citizes there are getting club. but this is about taxing assets there. something with which we should all be very familiar here. no uncle sam has not hacked into our bank accounts -- yet, but he made a
. >> you know every liberal's dream that government seizing your money out right, there is nothing you can do about it. now no cyprus they could find out the hard way, this tiny island nation sent a tsunami shockwave to the rest of the world, keeping the banks closed until they find a more palatable way to. welcome i am neil cavuto, you got 10 grand in a bank account. how about waking up tomorrow morning and then finding a thousand bucks missing, right off the top, does that sound over...
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Mar 26, 2013
03/13
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i think our government will keep doing that. unfortunately, i believe they're waiting for some kind of bubble to happen. right? they had an internet bubble, a housing bubble and without a bubble they're going to keep things going the way they're going. charles: the bell is going off and the markets. larry, we did bail them out, there was a tarp program along with the other goodies you're talking about and it's not outside the realm of possibility? >> i guess it's not outside the realm of possibility and they like to keep people quiet here and we have short memories. in my opinion they'll get things going as long as they can until something picks up the economy, in my opinion it's going to be a bubble, an energy bubble or what, something they're waiting for. charles: larry, we appreciate it. and the market is open and on the screen, the dow up 36 points. the banks in cyprus are closed right now officially until thursday so let's see how the other european banks are trading, nicole. nicole: it's interesting because yesterday the a
i think our government will keep doing that. unfortunately, i believe they're waiting for some kind of bubble to happen. right? they had an internet bubble, a housing bubble and without a bubble they're going to keep things going the way they're going. charles: the bell is going off and the markets. larry, we did bail them out, there was a tarp program along with the other goodies you're talking about and it's not outside the realm of possibility? >> i guess it's not outside the realm of...
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Mar 26, 2013
03/13
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some are angry at their own government. some are angry that the depositers taking a haircut of over 100,000 eros. they say that is not fair and want something done about that. a general sense of frustration not to the point of rioting but they're getting their point across. liz: they do have as we should point out different issues than the problems we saw in greece over last two years. greece there was too much spending on behalf of the government. you're looking for example at a nanny state situation. the banks were undercapitalized but too much in deposits and at least one of them had failed. so we're looking at a situation where the average cypriot probably isn't like the rich oligarchs of russia, might not have as much that would be given a haircut in their bank account yet they are still very concerned because they can't get their money out. how do they feel about the rich russians who maybe helped push this bad situation along? >> well there are two things about that. one, a number of people here, tens of thousands of
some are angry at their own government. some are angry that the depositers taking a haircut of over 100,000 eros. they say that is not fair and want something done about that. a general sense of frustration not to the point of rioting but they're getting their point across. liz: they do have as we should point out different issues than the problems we saw in greece over last two years. greece there was too much spending on behalf of the government. you're looking for example at a nanny state...
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Mar 18, 2013
03/13
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is blaming it on the cyprus government. they gave them half the bailout money and said you would have to come up with the other half. this looked like the easiest way to get it. david: we had breaking news from liz macdonald reporting that the banks apparently were okay with this. that the banks would rather have the depositers be stuck with paying this off than have it, expose them in any way? >> yeah, well, i think in many ways, it set as dangerous precedent but at the same time, it's, it's money just sitting there. it's, easy to just take a piece of it. it is much harder than to try to get money out of landowners or something like that. and banks were -- but it's the same. it's the same. erin, that is what we have to keep in mind. it is the same as property, whether it is cash in the bank because, there was something, that maybe it's a quaint old expression but called deposit insurance. remember that? you were supposed to be insured against any kind of confiscation of the money that you have already earned and that you h
is blaming it on the cyprus government. they gave them half the bailout money and said you would have to come up with the other half. this looked like the easiest way to get it. david: we had breaking news from liz macdonald reporting that the banks apparently were okay with this. that the banks would rather have the depositers be stuck with paying this off than have it, expose them in any way? >> yeah, well, i think in many ways, it set as dangerous precedent but at the same time, it's,...
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Mar 25, 2013
03/13
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liz: how does the government win? people stimulating housing market? >> get benefit of economic activity and don't have the long term deduction for the someone says in home 25 years and gets deduction every year. liz: let me play devil's advocate on the industry side, it will cause a housing slump if you eliminate the gift that keeps on giving. >> glad you asked that. it does the opposite in my opinion. if you look about it, painted ourselves in corner. 3.5, 4% interest rates. we know rates will go up eventually, rates go up 6, 7%, still good, will someone purchase a home and i don't want to give up 3% mortgage to take out one for seven. wait a minute, a have a 3% mortgage after the tax deduction feel like more of a bridge. liz: how do we implement this? how do we say to the lobbyists. this will become what 2 has become, five years done? somebody has to compromise. >> everyone wants to do not in my backyard. it has to be part of a grand plan. part of a total revenue package and expense cutting package, right? if we're able to accomplish that, implement
liz: how does the government win? people stimulating housing market? >> get benefit of economic activity and don't have the long term deduction for the someone says in home 25 years and gets deduction every year. liz: let me play devil's advocate on the industry side, it will cause a housing slump if you eliminate the gift that keeps on giving. >> glad you asked that. it does the opposite in my opinion. if you look about it, painted ourselves in corner. 3.5, 4% interest rates. we...
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Mar 26, 2013
03/13
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how do governments respond and can they get -- none of these governments can pay down the debt. they have to grow into the debt so how do you do that? you create the conditions for capital to flow into the country and create growth. europe has trailed the u.s. in making the reforms and entitlement programs so no one is adding new capital into europe now. they're trying to move it out and the u.s. has made all of those adjustments the last bunch of years so you're seeing corporations in good shape here. cheryl: the fact you've got kind of a low volume environment happening in europe and you have money in u.s. equities, s&p 500 we're five points away from an intra day close on the s&p 500. global investors are socking money in the united states. >> i think that's true and in our opinion, the equity market is the place to be the next two or three years. it's true we're getting close to all-time highs on the market indices but it's not true we're at all-time highs in valuation. it's still reasonable and the alternatives are miserable. cheryl: but are we growing into our debt? we've
how do governments respond and can they get -- none of these governments can pay down the debt. they have to grow into the debt so how do you do that? you create the conditions for capital to flow into the country and create growth. europe has trailed the u.s. in making the reforms and entitlement programs so no one is adding new capital into europe now. they're trying to move it out and the u.s. has made all of those adjustments the last bunch of years so you're seeing corporations in good...
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Mar 22, 2013
03/13
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the government changes rules all the time. how about inflation? the federal reserve wants 2 1/2% inflation. that is equivalent of 2.5% tax lowering your income. >> they just raised it a half percent to 2 1/2%. >> so what that means is, your real income goes down. so, especially lower income people get of the shafted because they pay more for food and fuel and electricity. and so their incomes go down. that is supposed to stimulate the economy. the fed can do it without legislation. david: when you think of all the different ways which this administration, obama administration is almost transfixed by the european model, whether it is in health care, obamacare, whether it is in the vast increase in the social welfare state, i'm just wondering if they now are looking to europe as a model for what to do with us? now we haven't reached, obviously we're far away from the cyprus kind of crisis dimension of crisis with our debt problems but if we move closer to them, would we borrow from those solutions if you will? >> they will certainly look at them. th
the government changes rules all the time. how about inflation? the federal reserve wants 2 1/2% inflation. that is equivalent of 2.5% tax lowering your income. >> they just raised it a half percent to 2 1/2%. >> so what that means is, your real income goes down. so, especially lower income people get of the shafted because they pay more for food and fuel and electricity. and so their incomes go down. that is supposed to stimulate the economy. the fed can do it without legislation....
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Mar 18, 2013
03/13
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signs off on any other plan if this one gets ditched, if the cyprus government rejects it. it has to be put to a vote in cyprus. >> also, as we look at what happened with asian markets overnight and the european markets as well, spanish bonds, italian bonds, those yields jumped on this news so really, the story is already spreading at least from an investment perspective. >> that was the fear overnight that immediately you would get runs on the banks in spain and italy and other countries as depositors there feared that this set a precedent and you could get the same tax over there but as the day wore on, i think people are coming to the conclusion that this is cyprus specific because they don't have bonds. they have mostly depositors and so it is more specific to cyprus and cyprus is not that important and the feeling is somehow they'll work it out. i think what the markets are telling you today is that they can handle this. it is an interesting intellectual precedent, though. cheryl: a lot of russian, wealthy russians have money parked in cyprus banks so you've got, you k
signs off on any other plan if this one gets ditched, if the cyprus government rejects it. it has to be put to a vote in cyprus. >> also, as we look at what happened with asian markets overnight and the european markets as well, spanish bonds, italian bonds, those yields jumped on this news so really, the story is already spreading at least from an investment perspective. >> that was the fear overnight that immediately you would get runs on the banks in spain and italy and other...
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Mar 25, 2013
03/13
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it is high because of government barriers. obamacare is an increased cost placed on businesses that makes it far more expensive to hire workers. 7.7%, the nature of job opportunities is greatly reduced for all americans. the president cannot create jobs, but in obama's case, he can create a lot of barriers to job creation. there is a lot of skepticism. dagen: gasoline prices going up again. we would like to blame whoever is in the white house for gasoline prices. >> i would argue that it is very much in the white house's hands. people are going to work every day and it cost a lot more to get there. this is a simple dollar problem. you would very quickly seek gasoline prices falling. you would see a far more happy electorate. this is the quickest way to anger and electorate to reduce the value of the limited earnings that they have. dagen: john, it was great to talk to you, as always. think you for being here on this monday morning. john, forbes opinion editor. connell: we have seen a spike go higher on the dollar. in the meant
it is high because of government barriers. obamacare is an increased cost placed on businesses that makes it far more expensive to hire workers. 7.7%, the nature of job opportunities is greatly reduced for all americans. the president cannot create jobs, but in obama's case, he can create a lot of barriers to job creation. there is a lot of skepticism. dagen: gasoline prices going up again. we would like to blame whoever is in the white house for gasoline prices. >> i would argue that it...
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Mar 22, 2013
03/13
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higher than expected government debt levels and downward revision. the decision on the rating level is due by the end of april. the cash register maybe nearing its final sale. they are opting to ring up sales on smart phones now. barney's plans to use ipods and ipod. walmart is arctic testing this. that is the latest from the fox business network. giving you the power to prosper. ♪ tracy: moto rama taking over the senate. it has not happened in years. rich and then in washington with the details. rich: the senate does this when it considers a budget resolution. it has just about started. even if the senate passes one of these amendments, they become part of a non-binding was resolution. later the senate votes to decide for states to charge a sales tax on internet purchases. the house has passed its budget. the house does sometime this evening. mitch o'connell says no entitlement changes, note that feeling increase. >> what we need to do is have a spending reduction. we have done a decent job with regard to the discretionary part of the budget. the
higher than expected government debt levels and downward revision. the decision on the rating level is due by the end of april. the cash register maybe nearing its final sale. they are opting to ring up sales on smart phones now. barney's plans to use ipods and ipod. walmart is arctic testing this. that is the latest from the fox business network. giving you the power to prosper. ♪ tracy: moto rama taking over the senate. it has not happened in years. rich and then in washington with the...
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Mar 19, 2013
03/13
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government debt. 1.89% yield. similar story for the 30-year. off seven basis points, yielding 3.11%. we're back after this. ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightfoard guidance and be ae to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. >> good afternoon, i'm sandra smith with your fox business brief. the world's largest money manager blackrock, planning to say off nearly 300 employees. the memo came by reuters. blackrock's president said despite the layoffs the company will continue hiring and expects to end the year with more employees than it currently has. blackrock shares jumped nearly 50% in the past three
government debt. 1.89% yield. similar story for the 30-year. off seven basis points, yielding 3.11%. we're back after this. ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on...
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Mar 25, 2013
03/13
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stuart: that's because of obamacare. >> this is a county government. yes, they said specifically because of the obama health law. employers with 50 or more full-time workers have to provide full-time coverage. stuart: i can tell you've read this thing. bring it. >> 2014 will be a referendum on the obama health law. stuart: betsy mccoy you said it here. back to the tale of two cities i talked about at the top of the hour. stockton, california flat broke and bankruptcy hearings today. and detroit, insolvent and the emergency manager starts work today. and the question is, can either of these two cities reduce their pension requirement to retired city workers? that's the question. sandra: and the answer is probably not. but a victory by stockton as we may get the actual verdict may go down today. this could lead to a ripple effect. stuart: what verdict? >> it's stockton, the city of stockton wins, if they're able to lower the debt obligation for bondholders. stuart: they want to go into bankruptcy. sandra: they want to restructure the debt. stuart: and gi
stuart: that's because of obamacare. >> this is a county government. yes, they said specifically because of the obama health law. employers with 50 or more full-time workers have to provide full-time coverage. stuart: i can tell you've read this thing. bring it. >> 2014 will be a referendum on the obama health law. stuart: betsy mccoy you said it here. back to the tale of two cities i talked about at the top of the hour. stockton, california flat broke and bankruptcy hearings today....
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Mar 18, 2013
03/13
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yours of the government's? the government is preventing the bank from giving it back to you. tracy: we were talking earlier. does anyone have any legal recourse? >> i don't know if anyone has any legal recourse. it is basically a socialist the island. here we would have a couple challenges. one is the equal protection challenge. it would be trading money in savings accounts differently than it is treating other pools of money. in the constitution requires that similar assets, similar people be treated in a similar way. you could argue that it is taking. it is not a tax but a seizure of something that is yours. what is being taxed? that your income, but your savings after you say been accumulated. adam: looking at the u.s. system. what is happening in cyprus. 100,000 euros are less if you have similar protection as we have a u.s. fdic. what good is that kind of insurance if they're saying that this insurance is not going to cost you should a bank go belly up? >> nothing. it's like what good is the constitution of the government seems to find a devious ways to get around it. wh
yours of the government's? the government is preventing the bank from giving it back to you. tracy: we were talking earlier. does anyone have any legal recourse? >> i don't know if anyone has any legal recourse. it is basically a socialist the island. here we would have a couple challenges. one is the equal protection challenge. it would be trading money in savings accounts differently than it is treating other pools of money. in the constitution requires that similar assets, similar...
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Mar 25, 2013
03/13
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ex-inning a great deal of economic muscle now in europe, calling the shots with regard to national governments in europe and certainly a threat i think to national sovereignty in europe. ashley: nile, in the last 30 seconds or so, where does this all lead us? we talked before about the eurozone breaking up but is this a watershed moment in some respects because the rules have really been changed? >> i do think it is a watershed moment and it is going to encourage i think a number of european countries to consider exiting the euro all together and i would think that certainly for the greeks, for example, that, what's happened in cyprus will frighten a the are of people there. it is going to lead to many greeks calling for an exit from the euro all together. i think if the greeks go, then certainly others could well follow suit. so i do think this send all the wrong signals actually across europe and it will fundamentally undermined confidence in the banking system in many european countries. ashley: we're out of time. thank you so much, nile gardiner with the heritage foundation as always, than
ex-inning a great deal of economic muscle now in europe, calling the shots with regard to national governments in europe and certainly a threat i think to national sovereignty in europe. ashley: nile, in the last 30 seconds or so, where does this all lead us? we talked before about the eurozone breaking up but is this a watershed moment in some respects because the rules have really been changed? >> i do think it is a watershed moment and it is going to encourage i think a number of...